select
|

Seller’s Advice: The unexpected costs you should be aware of

If you are selling your property you should know it doesn’t just involve a property agent, a moving company and maybe a storage facility - there are a few other costs you should prepare for. We take a closer look at the unexpected costs. 

In an effort to make sure you are prepared for selling your home we take a look at some of the unexpected costs you should be aware of here:

Home staging:

Although Home staging is not yet very common in South Africa it is gaining popularity in especially the luxury sector where sellers sometimes choose to invest in top class furnishings and décor in order to present their homes in the most beautiful way to achieve the best possible price. Staging your home however requires a significant financial investment so careful consideration is needed before deciding.

Whether you are staging your home or not, your home will probably need some work done in order for it to be presented in the most attractive way. This may include professionally cleaning the windows and carpets, repainting the interior and/or exterior of the home, repairing roof tiles, gutters, leaking taps and light fixtures and may cost you more than what you have bargained for. The best advice would be to fix and update these things as they break or become unattractive so that you don’t need to incur massive expenses all at once when it comes to selling.

Getting a professional inspection done:

Although inspections are generally paid by the buyer and happens after the offer to purchase has been accepted, it is strongly recommended that sellers also appoint their own inspector to take a look at their homes even before listing. By doing this sellers can avoid nasty surprises that could cost a lot of money at a later stage and knowing what is wrong and what needs to be fixed will make the sale smoother in general.

Bond cancellation fees:

When a seller has a bond registered over a property it must be cancelled on transfer (usually with 90 days’ notice) and the seller is responsible for payment of the conveyancer's fees for cancellation. This cancellation has to comply with certain legislation as well as the relevant financial institutions' procedures and costs. There are several costs involved that include the month-end balance before cancellation; any homeowner's insurance premiums that would have been debited to the bond account in the next three months; any life assurance premiums that would have been debited to the bond account in the next three months; and legal costs, interest, retention amounts and early termination interest if applicable.

Compliance certificates:

Sellers also need to obtain compulsory Electrical, Electrical Fencing and Gas Certificates before selling and sometimes also need to present an Entomologist certificate. Many banks and Insurance Companies are now also asking for copies of the registered plans of the property as well as the occupation certificate before granting a bond or providing insurance. With this in mind it is recommended that sellers appoint a draftsman to redo and submit plans for approval before listing (this includes things like a pool, lapa, carport, additional rooms or anything that is not on the plan).


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK